What is the best way to implement a "timer"?

What is the best way to implement a timer? A code sample would be great! For this question, "best" is defined as most reliable (least number of misfires) and precise. If I specify an interval of 15 seconds, I want the target method invoked every 15 seconds, not every 10 - 20 seconds. On the other hand, I don't need nanosecond accuracy. In this example, it would be acceptable for the method to fire every 14.51 - 15.49 seconds.

The Elapsed event will be raised every X amount of milliseconds, specified by the Interval property on the Timer object. It will call the Event Handler method you specify, in the example above it is OnTimedEvent

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